Shares end flat as investors cautious
Print Edition
Shanghai stocks ended nearly flat yesterday in light trading as investors were cautious amid concerns over a capital outflow.
The Shanghai Composite Index edged up 0.02 percent to end at 2,072.96 points.
China’s yuan funds outstanding for foreign exchange fell by 24.5 billion yuan (US$3.97 billion) in July from a month earlier after reporting the first decline since November in June, the People’s Bank of China, the central bank, said late on Tuesday.
The figure indicated the PBOC sold a net 24.5 billion yuan worth of foreign exchange last month to offset the same amount of foreign exchange outflow.
“Capital continued to flow out of China in the wake of a slowdown in yuan appreciation and rising expectations that the US central bank will soon end its quantitative easing stimulus program,” said Li Huiyong, analyst with Shenyin and Wanguo Securities.
Everbright Securities slumped 5.9 percent to 10.27 yuan on top of a 10 percent plunge on Tuesday as the brokerage was blamed for wild fluctuations in the Shanghai market last Friday due to a glitch in its trading system.
Yang Jianbo, who is in charge of Everbright’s strategic investment department, has been suspended and is assisting the investigation into the trading blunder, the National Business Daily said.
Yanzhou Coal Mining Co, China’s fourth-largest producer of the fuel, rose 2.6 percent to 10.70 yuan, the most since August 12. It plans to cut about 400 jobs at its two Australian units to save costs amid weak coal prices.
China Oilfield Services Ltd jumped 3.4 percent to 17.56 yuan after its Chief Financial Officer Li Feilong said the company doesn’t have financing problems and crude prices can support deep-water drilling expansion.
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